Saving a broken chain

The case:

Motivated to move by the pandemic, our borrowers had been testing country life with a rental home and knew permanent relocation was the right long term solution for their family. They’d found a dream £2m countryside property and had arranged finance, supported by the sale of their former home.

The problem:

Without warning or explanation the borrowers hopes of moving were left crumbling after the buyers of their existing home pulled out. Despite re-listing their old home for sale, finding a new buyer to complete the chain in tight timescales was a tall order. The couple found themselves left in the lurch and at risk of losing the forever home they were close to completing the purchase of.

The solution:

Reviewing the borrowers finances, TFI was able to agree a short term ERC free £1.1m mortgage against their former home to enable them to break the chain. Both borrowers earned significant income from their employment, and with a firm commitment to sell the home and repay the mortgage on completion TFI was able to agree the case.

The outcome:

Breaking the chain with short term borrowing against the former home bridged the difference between old homes and new, putting the dream move firmly back on track.

Be the first to know

Fancy getting regular news, case studies and product updates straight to your inbox?